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Mar 31, 2023
Heritage Financial Q1 2023 Earnings Report
Heritage Financial's financial performance remained steady in Q1 2023, marked by solid profitability and loan growth, while maintaining strong capital ratios and credit quality.
Key Takeaways
Heritage Financial Corporation reported a net income of $20.5 million for Q1 2023, with diluted earnings per share at $0.58. The company saw loan growth and maintained strong capital ratios and credit quality. Deposits decreased due to competitive pricing pressures.
Net income was $20.5 million, or $0.58 per diluted share.
Loans receivable increased by $76.6 million, or 1.9% (7.7% annualized).
Leverage ratio was 9.9% and total capital ratio was 14.1% at the end of the quarter.
Nonperforming assets to total assets ratio decreased to 0.07%.
Heritage Financial
Heritage Financial
Forward Guidance
The company did not provide specific forward guidance in the earnings report.